RMBS

  • Asset manager adds in research

    Deer Park Road Corp has hired Hao Li as research analyst to strengthen its portfolio management team as the firm's assets continue to grow. Li will focus on risk management and analytics, supporting portfolio managers Michael Craig-Scheckman and Scott Burg.

    Prior to joining Deer Park, Li was at JPMorgan, where he worked on a US$1bn non-agency MBS portfolio and a .......

    Job Swaps 22 July 2011

  • Securitisation race heats up

    At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heating up for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. Demonstrating how quickly the situation can change, May's sixth-placed firm has jumped to third this month. Europe, on the other hand, remains .......

    News Round-up 22 July 2011

  • WesCorp suit filed

    The NCUA has filed another suit in California against RBS Securities, alleging violations of federal and state securities laws and misrepresentations in the sale of securities to WesCorp. This law suit follows two similar legal proceedings filed in the Federal District Court of Kansas against JPMorgan Securities and RBS (SCI 21 June).

    As liquidating agent for WesCorp, NCUA has a .......

    Job Swaps 19 July 2011

  • Servicing advance recovery policies updated

    Ocwen Loan Servicing has updated its servicing advance recovery policies on future servicing acquisitions, including its impending acquisition of Litton Loan Servicing. The firm says that the policy adjustments are intended to minimise cash shortfalls on current investment grade rated non-agency RMBS bonds following a servicing acquisition or transfer.

    Ronald Faris, Ocwen president and ceo, comments: "Acquisition opportunities are increasing .......

    News Round-up 15 July 2011

  • Non-conforming RMBS review completed

    Moody's has completed a review of the UK non-conforming RMBS market, noting that performance trends are in line with current expected loss assumptions for the majority of transactions. Furthermore, its ratings are resilient to stressed future loss scenarios, the agency says.

    The conclusion is based on stress-testing 75 of the 84 outstanding UK non-conforming RMBS transactions. The review took into .......

    News Round-up 15 July 2011

  • Ex-Freddie Mac counsel recruited

    SNR Denton has appointed Robert Bostrom as partner and co-head of its global financial institutions and funds sector. He was previously evp, general counsel and corporate secretary of Freddie Mac, having directed its legal strategy through the financial crisis and recovery.

    Bostrom will share leadership of the global financial institutions and funds sector with partner Jana Cohen Barbe. He is .......

    Job Swaps 15 July 2011

  • Granite hit in counterparty criteria action

    S&P has lowered its credit ratings on 91 tranches from Northern Rock's Granite UK RMBS master trust. At the same time, the agency affirmed its ratings on 76 tranches and withdrew ratings on an additional six tranches. The downgrades reflect the application of S&P's 2010 counterparty criteria for structured finance transactions.

    The agency placed the senior classes of notes on .......

    News Round-up 14 July 2011

  • RMBS recovery service launched

    Glass, Lewis & Co has launched a new service designed to help institutional investors and plan sponsors recover their losses on private-label RMBS. Pension funds and institutional investors are believed to have lost more than US$750bn over the past five years.

    "Many of our 950 institutional investor clients are participants in the US RMBS market," comments Katherine Rabin, ceo of .......

    News Round-up 14 July 2011

  • Correspondent lending group expands

    PennyMac has added Jim Follette and Kim Nichols to its correspondent lending group.

    Follette has been named md, correspondent fulfillment, and will help manage the firm's correspondent loan acquisition platform. This includes all aspects of acquisition workflow, loan level credit and appraisal. He joins PennyMac from Bank of America, where he most recently served as svp for Bank of America .......

    Job Swaps 12 July 2011

  • GSE prepayment data integrated

    Mortgage Maxx GSE prepayment data is now available on the 1010data platform. The company says it selected 1010data because it offers the most robust ad-hoc analysis tools and is trusted by its existing customer base. In addition, working with 1010data will allow the firm to grow more rapidly by enabling Mortgage Maxx AFS report data to be accessed via the .......

    News Round-up 12 July 2011

  • RMBS criteria updated

    Fitch has published an updated US RMBS sector-specific criteria report that outlines the framework used to monitor and analyse outstanding transactions for potential rating changes. It has also updated its US RMBS cashflow analysis criteria report.

    The sole change from the previously published sector-specific criteria involves increased credit enhancement and rating caps for pools that have small remaining loan counts .......

    News Round-up 11 July 2011

  • Treasury updates on MBS wind-down

    The US Treasury has provided an update on the continued orderly wind-down of its agency MBS portfolio. The remaining amount of principal outstanding in its MBS portfolio is US$94.5bn.

    During the month of June, taxpayers received an additional US$12.7bn in proceeds from this investment through sales by Treasury with a market value of US$10.6bn and principal and interest payments of .......

    News Round-up 7 July 2011

  • Pension funds file Countrywide objections

    A group of public pension funds that invested in Countrywide RMBS have filed a petition with the Supreme Court of the State of New York to intervene in the Bank of America/Countrywide settlement proceedings and take discovery on the fairness of the proposed US$8.5bn agreement. This follows the filing of objections to the settlement by the Walnut Place investor group .......

    News Round-up 7 July 2011

  • Japanese origination review underway

    Moody's is reviewing Japanese mortgage loan originations, with the aim of preventing unexpected loss in the securitised pools. A number of loans in some Japanese RMBS monitored by the agency have either become delinquent or default very shortly after origination.

    The review comprises a qualitative examination of the effects of originator policies and procedures on loan performance. It is divided .......

    News Round-up 7 July 2011

  • Updated NHG criteria rolled out

    Fitch has updated its criteria for rating RMBS transactions backed by the Nationale Hypotheek Garantie (NHG). As a result of the updated criteria, the agency has maintained all 50 outstanding notes of the 15 NHG-backed Dutch RMBS it rates on rating watch negative (RWN).

    Issuers will have the opportunity to indicate whether they intend to make any amendments to the .......

    News Round-up 6 July 2011

  • Op risk vet recruited

    Allonhill has recruited Jim Sadler as md of business process management and analytics. He is charged with developing custom analytics to measure and report the firm's performance and help establish a new client-facing implementation team.

    Sadler brings more than 20 years of operational risk management, process management and financial modeling experience to Allonhill. Most recently, he served as director of .......

    Job Swaps 4 July 2011

  • Some Countrywide RMBS to see ratings uplift

    Fitch expects Bank of America's recently announced settlement of mortgage repurchase and servicing claims (SCI 29 June) to positively affect the ratings of approximately 10% of Fitch-rated US RMBS bonds in the affected legacy Countrywide trusts. In addition, payouts from the settlement in the short term and improved servicing practices over the longer term are likely to further improve recovery .......

    News Round-up 1 July 2011

  • US RMBS criteria updated

    Fitch has updated three criteria reports designed to better gauge credit risk on new issue US RMBS transactions. The agency confirms that originator reviews, loan-level due diligence results and the quality of representations and warranties to a transaction are key elements of its analytical process.

    Each of these factors accounts for key risks that are not always apparent in the .......

    News Round-up 1 July 2011

  • RMBS sales manager added

    Tejas Securities Group has appointed Samir Shah as md and co-sales manager of structured products. The addition reinforces the firm's sales and trading activity in mortgage-related structured products.

    Shah will be product manager for higher-grade RMBS and joins John Randolph - who leads efforts in ABS, distressed RMBS and other structured products - and Tim Martin, who specialises in subordinate .......

    Job Swaps 30 June 2011

  • Distressed MBS fund launched

    UCM Partners has launched the UCM MIDAS Fund, with US$10m in assets under management. The fund is designed to capitalise on relative value opportunities in the RMBS and other securitised debt markets, including CMBS and ABS. Its target return is currently 25%-35%.

    The fund is managed by UCM Partners cio Jay Menozzi and portfolio managers Boris Peresechensky and Vesta Marks. .......

    News Round-up 30 June 2011

  • Countrywide servicing settlement reached

    22 institutional investors represented by Gibbs & Bruns have announced a settlement with Bank of America and Countrywide regarding repurchase and mortgage servicing claims on 530 Countrywide-issued RMBS, for which BNY Mellon serves as the trustee. The settlement, which is subject to court approval, involves Bank of America and/or Countrywide paying US$8.5bn to settle the claims owned by these trusts.

    Job Swaps 29 June 2011

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